Court Case Begins Against Mango Markets Exploiter Avraham 'Avi' Eisenberg

The court case against the Mango Markets exploiter Avraham 'Avi' Eisenberg began its opening statements Tuesday morning in a Southern District of New York court.

In opening statements, Assistant US Attorney Tian Huang said Eisenberg artificially pumped up the price of MANGO, stole funds, disguised himself as a Ukrainian woman, fled the country and ultimately "conned Mango Markets."Eisenberg's defense impinges on claiming the trades were legitimate within the decentralized finance system he executed them in.

Specifically, the exploiter put $5 million worth of the stablecoin USDC into Mango Markets and then opened a remarkably large long position, which caused MANGO's price to jump around 1,000% within an hour. The surge in MANGO's price caused the exploiter's collateral value to rise. The exploiter then borrowed other tokens on Mango Markets to accrue a large debt position before making off with the funds, The Block previously reported.

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Crypto Trader Avi Eisenberg's Fraud Trial BeginsThe criminal fraud and manipulation trial of crypto trader Avi Eisenberg is set to begin, as a 15-person jury has been seated. The trial will determine whether Eisenberg broke the law with a trading strategy that caused significant damage to Mango Markets, a popular cryptocurrency betting venue on the Solana blockchain. This trial highlights the government's efforts to regulate decentralized finance (DeFi) in the crypto trading space.
Source: CoinDesk - 🏆 291. / 63 Read more »